大行评级丨大摩：过往DRAM提价时小米智能手机毛利率仍可扩张 评级“增持”

Core Viewpoint - Morgan Stanley's research report indicates that during periods of rising DRAM prices, Xiaomi's smartphone gross margin has expanded due to effective cost transfer mechanisms and significant cost increases leading to product price hikes [1] Group 1: Financial Performance - Historical data from 2016 to 2017, 2019 to 2021, and 2022 to 2023 shows that Xiaomi's gross margin has expanded even when DRAM prices were on the rise [1] - The potential for profit margin recovery exists if high product prices are maintained alongside low costs when market trends reverse [1] Group 2: Strategic Factors - Xiaomi's product structure upgrade and ongoing high-end strategy are identified as long-term positive factors for gross margin [1] - Morgan Stanley has assigned an "Overweight" rating to Xiaomi with a target price of HKD 62 [1]